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Rail stocks on a wobbly path after small caps lose their sheen

<ul><li><keyword id="2964277" type="General" weightage="20" keywordseo="jupiter-wagons" source="Orion">Jupiter Wagons</keyword> says that dedicated corridors plans of Indian Railways can bring in an order windfall.</li><li>It also sees a ‘substantial volume upside’ from its electric LCV business.</li><li>The company also kick started its high-margin business of brake disc assemblies. </li></ul>Jupiter Wagons has been on a growth path — thanks to the capacity expansion by the Indian Railways. The small cap stock was on the list of top buys by mutual funds in May, and has since <a href="https://www.businessinsider.in/stock-market/markets/news/jupiter-wagons-this-multibagger-railway-stock-is-gaining-on-its-ev-play-too/articleshow/100986316.cms">given multibagger returns.</a> Business Insider India met with the management of the company to understand if the company’s growth path aligns with heavy market expectations. The Kolkata-based wagon maker is diversifying into new areas like electric vehicles. It sees a “significant value upside” from its new business of manufacturing electric light commercial vehicles. Vivek Lohia, managing director of Jupiter Wagons admits that the auto sector business is not a very high margin business, but eLCVs has a good market size — 400,000-600,000 per annum — and is growing. “There are huge savings that come from operating electric vehicles. With good economics and the growing charging infrastructure, there will be a lot of conversion. Definitely in the long term, the business will become subsidy agnostic,” says Lohia. The company is expected to start rolling out the LCVs in the last quarter of this financial year. The B2B business intends to bridge the gap in terms of ‘last mile connectivity’ which the logistics sector now lacks. <div type="image" title="Vivek Lohia" msid="102611439" hostid="261" sizebytes="299668" caption="&amp;lt;p&amp;gt;Vivek Lohia, Managing Director, Jupiter Wagons&amp;lt;/p&amp;gt;"></div> The push of private capex The company’s first quarter results are also in line with the heavy expectations from the market. Its net profit registered a multifold jump to ₹62.8 crore from ₹12.8 crore in the same quarter last year. Its revenues also went up by 155%. Its margins expanded by 260 basis points YoY on improved product mix and the introduction of value-added products. The company is sitting on an orderbook of ₹6,122 crore as of the end of June 30, and sees a healthy growth ahead. “There is huge capex by the private sector which is a game changer for us,” says Lohia. The steel and cement sectors are looking to double their capacities in the next three to five years, and the logistics around it would be huge, Lohia says. “The Indian Railways is looking to build two dedicated steel and cement corridors. Also, exim business is picking up and new ports are coming up, which also plays a crucial part for us,” he adds. Global ambitions The company has been entering new geographies as well. It has forged joint ventures with mini-ratna company RITES for freight wagons. The PSU company has experience with global tenders and also has offices across the world. The JV participated in global tenders in Zimbabwe and Mozambique, also hopes to gain orders in the African continent and is also eyeing for opportunities in Bangladesh, Sri Lanka and even Australia. “Over time, we see getting 10-15% of our business from exports and international orders,” Lohia says. In addition to more business, the company has also just made its entry into the high margin business of brake disc assemblies for the railways sector. It also partnered with European company Kovis Proizvodna družba for a manufacturing JV to cater to high speed passenger trains and additionally to export to Asia-Pacific region as well as the EU. It has started delivering its products in the Indian market. They are also participating in regional tenders and expect a sizable order book in the next three to four months. Over time however it has widened its interests from being a railway focussed company — with its new ventures providing it with volume and value.

Jupiter Wagons chugs along to add value and volume to its business

<ul><li><keyword id="2964277" type="General" weightage="20" keywordseo="jupiter-wagons" source="Orion">Jupiter Wagons</keyword> is ramping up its manufacturing capacity as it preps for large orders from the government. </li><li>Its order book of ₹5,818 crore gives robust revenue visibility for the next 18 months, says a Sharekhan report. </li><li>It’s expected to start producing commercial EVs later this year. </li></ul>Jupiter Wagons is the current darling of a lot of mutual funds — thanks to the strong growth path this wagon manufacturer is on. After delivering a strong performance in the last financial year (FY23) when its net profit grew by 143% and revenue by 76% — it’s looking to chart it's next journey ahead with capacity expansion and more. The company, which makes rail wagons, passenger coach components, alloy steel casting for rolling stocks and tracks, also produces load bodies for commercial vehicles, marine containers and refrigerated containers. One of its key clients, Indian Railways, is on a capacity expansion spree and Jupiter Wagons is set to benefit. “Jupiter Wagons is increasing its manufacturing capacity from 600 wagons per month in Q4FY23 to 700 wagons per month by Q4FY24 to meet the growing demand from Indian Railways. The company has a robust order book of ₹5,818 crore, which gives Jupiter Wagons revenue visibility for the next 18 months,” said a research report by Sharekhan. Railway contracts also provide a good visibility ahead for profits, and are less affected by vagaries of commodity prices. “Railway wagon contracts are pass-through to customers. Steel and labour cost is pass-through based on wholesale price inflation (WPI),” says a report by Arihant Capital. A few contracts allow the impact of changes in commodity prices or others to be passed on to the clients. It’s also expanding its scope of railway orders. The company has commenced disc brake production, and received an initial order of ₹80 crore to supply brakes for passenger coaches. The company expects substantial disc brake orders from Indian Railways, and aspires to generate revenues of ₹100 crore in FY24 and ₹250 crore in FY25 from braking systems. Riding the EV boom The company — which also has other clients like commercial vehicles OEMs or original equipment manufacturers, Indian defence and logistics companies — is also eyeing the fast-growing electric vehicle (EV) market. It has launched two electric light commercial vehicles, and hopes to capture 7-10% market share. “Production of these vehicles is scheduled to commence in the Q4FY24. JWL can clock higher margins as compared to competitors as the company has integrated operation(s) and bid selectively on new orders,” said brokerage Sharekhan, adding that it expects operating margins to improve to around 14.5% by FY25 from 12.2% in FY23. What’s the upside ahead? For the above reasons and more, the stock has been a multibagger with returns to the tune of 153% in the last one year, as per data on BSE. In the month of May, it was the most preferred small cap stock for multiple mutual funds according to reports by ICICI Direct as well as IDBI Capital. There has been a shift from commercial vehicles to railways for transportation, and a demand for freight and passenger wagons has been going up. “The government is coming up with 50,000 wagons in global tenders and each wagon costs around ₹70 lakh to ₹1 crore. It will be a game changer in the wagons business. The wagon manufacturers are in full swing mode for manufacturing and operating at full 70-90% capacity compared to 40% in past years,” said Arihant Capital. Jupiter Wagons, apart from other listed entities like <keyword id="112351" type="General" weightage="20" keywordseo="titagarh-wagons" source="Orion">Titagarh Wagons</keyword> and <keyword id="599279" type="General" weightage="20" keywordseo="texmaco-rail" source="Orion">Texmaco Rail</keyword>, is expected to be a key beneficiary of this good demand. “Its leading position in domestic wagon manufacturing along with focus in growing its railway brakes and light commercial electric vehicles business will give a decent medium to long-term growth prospects,” says Sharekhan as it expects a 33% upside from the current market price. The key risks going ahead are lower spending by railway on wagon procurement, volatility in the prices of key raw materials like coal, sluggish demand from private wagon aggregators and lack of order for new business segments. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

This multibagger railway stock is up 153% in 12 months, but there’s more steam left thanks to its EV play

<keyword id="16043422" type="General" weightage="100" keywordseo="jupiter-electric-mobility" source="Orion">Jupiter Electric Mobility</keyword> on Thursday launched two commercial electric vehicles which will hit the markets by mid of this year. The company is a subsidiary of Jupiter Wagons Ltd (<keyword id="13148082" type="General" weightage="80" keywordseo="jwl" source="Orion">JWL</keyword>), manufacturer of wagons, high-speed brake systems, and railway and engineering equipment. The company has formed a joint venture with EA GreenPower Pvt Ltd, a wholly-owned subsidiary of GreenPower Motor Company Inc, a publicly listed firm in the US and Canada specialising in electric commercial vehicles in the passenger transportation and freight transport markets. The two EVs -- <keyword id="16043423" type="General" weightage="80" keywordseo="jupiter-tez" source="Orion">Jupiter TEZ</keyword> (2.2 ton) and EV STar CC (7 ton) -- will help meet the pressing needs of the country, JWL managing director <keyword id="2964275" type="General" weightage="80" keywordseo="vivek-lohia" source="Orion">Vivek Lohia</keyword> said at the <keyword id="13421246" type="General" weightage="20" keywordseo="auto-expo-2023" source="Orion">Auto Expo 2023</keyword> here. "By the middle of this year, it will be ready to hit the roads," he said. The company did not disclose the prices. While Jupiter TEZ is completely manufactured in India, EV Star CC is coming out from China, he added. The 2.2 ton vehicle can be charged in 20 minutes and it can go up to 100 kilometres in a single charge, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-has-unveiled-the-five-door-jimny-and-the-fronx-crossover-at-the-auto-expo-2023/slidelist/96933646.cms">Auto Expo 2023: Maruti Suzuki unveils Jimny and Fronx – bookings now open</a> <a href="https://www.businessinsider.in/business/auto/news/auto-expo-2023-upcoming-electric-cars-and-bikes-in-india-in-2023/slidelist/96929819.cms">Auto Expo 2023: Upcoming electric cars and bikes in India in 2023</a> <a href="https://www.businessinsider.in/business/auto/news/kia-showcases-concept-ev9-electric-car-with-solar-panels-carnival-ka4-mpv/slidelist/96908322.cms">Kia showcases Concept EV9 electric car with solar panels, Carnival KA4 MPV</a>

Auto Expo 2023: Jupiter Electric Mobility launches two commercial EVs

<ul class="summary-list"><li>In 1922, US Navy collier <keyword id="13278694" type="UNKNOWN" weightage="60" keywordseo="uss-jupiter" source="Orion">USS Jupiter</keyword> was converted into the <keyword id="11898296" type="UNKNOWN" weightage="60" keywordseo="aircraft-carrier" source="Orion">aircraft carrier</keyword> <keyword id="13278693" type="UNKNOWN" weightage="60" keywordseo="uss-langley" source="Orion">USS Langley</keyword></li><li>Langley was the US Navy's first aircraft carrier, but it only spent 15 years in service in that role.</li></ul>On the morning of February 27, 1942, US Navy seaplane tender <a href="https://www.history.navy.mil/content/history/nhhc/research/histories/ship-histories/danfs/l/langley-i.html" target="_blank" rel="noopener">USS Langley</a> and two destroyers broke off from a large Allied supply convoy and headed for the island of Java.The Japanese were well into their invasion of the Dutch East Indies and were poised to attack Java. Langley was carrying cargo that was badly needed to defend the island: 32 Curtiss P-40 Warhawk fighters of the <a href="https://www.defensemedianetwork.com/stories/american-underdogs-in-a-losing-battle/" target="_blank" rel="noopener">13th Pursuit Squadron</a>.Just before noon, however, Japanese aircraft pounced on Langley. The onslaught sunk what was, for a few years at least, the US Navy's first aircraft carrier.<h2>The first carrier</h2><div type="image" title="USS Jupiter Navy collier" height="1187" width="1934" msid="89910668" hostid="261"></div>USS Langley began life not as a seaplane tender or an aircraft carrier but as the Proteus-class collier USS Jupiter.Jupiter was laid down in 1911, launched in 1912, and commissioned into service in 1913. It was the Navy's first turbo-electric-powered ship, making it high-tech for a vessel that was not meant for combat.The ship was used exclusively to transport personnel and supplies, particularly coal. It conducted the first ever west-to-east Panama Canal transit in 1914, dutifully carried out supply missions along the US's East and West coasts, and even conducted two coaling operations in France during World War I.After Jupiter brought troops back to the US from Europe in 1919, it was decided to convert it into an aircraft carrier. Britain's <a href="https://www.militaryfactory.com/ships/detail.php?ship_id=HMS-Argus-I49" target="_blank" rel="noopener">HMS Argus</a> had shown the value of such a vessel, and with <a href="https://www.militaryfactory.com/ships/detail.php?ship_id=HMS-Hermes-95" target="_blank" rel="noopener">HMS Hermes</a> under construction, the US did not want to fall behind.The conversion process began in 1920 and finished in 1922. In March of that year, the ship was recommissioned as USS Langley and designated CV-1, the US Navy's first carrier designation.<div type="image" title="Navy USS Langley aircraft carrier landing" height="577" width="800" msid="89910669" hostid="261"></div>The upper sections of its seven coal cranes were removed and their bases were used to support the new flight deck. Langley could carry 36 biplanes in a hanger below the flight deck, which was mostly open-air.Its original complement of four 4-inch guns was replaced by four 5-inch guns, and a catapult was installed.The carrier was nicknamed "Covered Wagon" by its crew because it resembled a pioneer wagon when viewed from below the flight deck.Seven months after its recommissioning, Lt. Virgil C. Griffin flew the first plane — a Vought VE-7 — off its deck. Nine days later, Lt. Cmdr. G. DeC. Chevalier made the first landing on the carrier.The following month, the ship's captain, Cmdr. Kenneth Whiting, became the first aviator to be catapulted from Langley's deck.<h2>Another change and wartime service</h2><div type="image" title="Navy USS Langley aircraft carrier takeoff" height="1618" width="2136" msid="89910670" hostid="261"></div>Langley spent 12 years with the Navy's Pacific Fleet. It operated mostly in the waters off Hawaii and California as a training and testing platform for sailors and pilots to inform future carrier operations.By 1936, <a href="https://www.businessinsider.com/history-of-us-navy-aircraft-carriers-supercarriers-to-ford-class-2020-10" target="_blank" rel="noopener">the US Navy had commissioned larger, purpose-built carriers</a>, and Langley's deck and hangars were too small for modern carrier planes. The ship was decommissioned yet again in order to undergo another conversion.In 1937, Langley was recommissioned <a href="https://www.businessinsider.com/flying-boats-seaplanes-competition-with-china-in-pacific-2021-4" target="_blank" rel="noopener">as a seaplane tender</a> and given the designation AV-3. With the removal of the forward 40% of its flight deck, the ship's bridge was visible again.It was assigned once more to the Pacific Fleet, serving mostly in a scouting and support role. It was sent to Manila in 1939 and was anchored nearby when the US's war with Japan began on December 7, 1941.<div type="image" title="USS Langley" height="1500" width="2000" msid="89910671" hostid="261"></div>Unable to offer much resistance on its own, Langley withdrew to the Dutch East Indies and then arrived in Darwin, Australia, on January 1, 1942.Now part of the hastily assembled <a href="https://www.defensemedianetwork.com/stories/abda-the-unsuccessful-band-of-brothers/" target="_blank" rel="noopener">American-British-Dutch-Australian Command</a>, Langley operated out of Darwin and supported anti-submarine patrols until January 11, when it was tasked with transportation duties to support the defense of the Dutch East Indies.Langley, with its cargo of P-40s, departed Freemantle, Australia, on February 22 as part of a larger convoy before meeting its escorts, USS Whipple and <a href="https://www.history.navy.mil/research/histories/ship-histories/danfs/e/edsall-i.html" target="_blank" rel="noopener">USS Edsall</a>, on the morning of February 27. The three ships then headed for the port city of Tjilatjap in Java.Unknown to Langley and its escorts, they had been spotted by a Japanese reconnaissance plane. Around 11:40 a.m., Japanese Mitsubishi G4M "Betty" bombers arrived from Bali and attacked.<div type="image" title="USS Langley is torpedoed" height="859" width="2000" msid="89910672" hostid="261"></div>Langley took five hits, which destroyed many of the planes it carried, impaired its steering, and caused a 10-degree list to port. With water flooding the engines, the ship soon went dead in the water. The order to abandon ship was given at 1:32 p.m.All but 16 of the crew managed to evacuate to Whipple and Edsall. The escorts then fired nine 4-inch shells and two torpedoes into Langley to ensure it wouldn't fall into Japanese hands. Langley's survivors were then transferred to the nearby oiler <a href="https://www.history.navy.mil/research/histories/ship-histories/danfs/p/pecos-i.html" target="_blank" rel="noopener">USS Pecos</a>.Two days after Langley was lost, Pecos was sunk by aircraft from the Japanese carrier Sōryū. Whipple managed to recover 232 survivors, but the destroyer left behind more than 400 other members of Langley's and Pecos' crews because it feared attacks by Japanese submarines.

The short, historic life of the US Navy's first aircraft carrier

New Delhi, Stocks of companies related to railways were trading in the positive territory on Thursday morning ahead of the presentation of the interim Budget. Shares of IRCON International rallied 3.26 per cent, Texmaco Rail &amp; Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and <keyword id="20241377" type="General" weightage="20" keywordseo="rail-vikas-nigam" source="keywords">Rail Vikas Nigam</keyword> advanced 1.52 per cent on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>. The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and <keyword id="20328612" type="General" weightage="20" keywordseo="titagarh-rail-systems" source="keywords">Titagarh Rail Systems</keyword> (0.71 per cent). "In railways, we anticipate a surge in investment, unveiling transformative projects and introducing 300-400 Vande Bharat trains," <keyword id="20412017" type="General" weightage="20" keywordseo="suman-bannerjee" source="keywords">Suman Bannerjee</keyword>, CIO of Paris-based hedge fund Hedonova, said. In the equity market, the 30-share BSE Sensex rose 118.59 points to 71,870.70 points and the Nifty quoted 68.20 points up at 21,789.90 points. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> will present the interim Budget at 11 am in the Parliament.

Rail stocks trade higher ahead of the Interim Budget

<ul><li><keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">Budget</keyword> is a non-event for equity markets, say experts, as indices traded flat with negative bias.</li><li>PSU Bank stocks rallied as bond markets cheered FM’s fiscal consolidation path.</li><li>Railway stocks which gained ahead of the speech, closed in the red. </li></ul>India’s Interim Budget 2024 did not enthuse the stock markets on Thursday, even as the finance minister increased FY25’s capital outlay by 11.1% to ₹11.11 lakh crore. The benchmark indices traded flat for the most of the session. Sensex fell by 100 points and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> by 28 points as they did not find any cues for upward march. Almost all the sectoral indices closed in the red except banks, especially PSU banks. Bond markets cheered and their yields came down sharply as FM set the fiscal deficit of FY25 at 5.1% of GDP. It also triggered buying in PSU banks with Punjab Sind Bank going up by 7%. UCO Bank and Indian Overseas Bank also went up around 6% each. "As expected, VIX has cooled off after the budget event which primarily has been a non-event for most of the market except PSU Banks and auto stocks which have seen most of the buying action. Nifty still trades near to its resistance area of 21,750-21,800 along with dominant shorts in index futures from FIIs. Bulls have to clear this area for any further action on the upside,” said <keyword id="19950185" type="General" weightage="20" keywordseo="rahul-sharma" source="keywords">Rahul Sharma</keyword>, head of technical and derivatives research, JM Financial Services. The rest of the market moved on non-Budget cues. Auto stocks were also amongst those closed in the green as they released sales data. Maruti announced its earnings on Wednesday, and was one of the top gainers on Nifty; along with Cipla, Eicher, Power Grid and SBI Life. PayTM was locked in the lower circuit as RBI imposed restrictions on it on Wednesday. Infra &amp; realty flat, rail stocks in the red The FM touched up on most infrastructure projects including rural housing and solar power. She also announced three railway economic corridors — energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors. “The announcement in the Union Budget 2024 regarding the upgrade of 40,000 regular rail bogies to Vande Bharat standards marks a significant milestone in India's railway modernization journey,” said <keyword id="20418142" type="General" weightage="20" keywordseo="vivek-lohia" source="keywords">Vivek Lohia</keyword>, Managing Director, Jupiter Wagons. Experts also see many positive cues in the Budget for sectors relating to infrastructure and construction. "The boost to housing is another important proposal from the market perspective since this will benefit industries like cement, steel and all construction related segments," said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. While companies and experts are impressed with the announcements, infrastructure and real estate stocks traded flat. Rail stocks like Jupiter Wagons, Ircon, IRCTC, IRFC and RVNL which traded in the green ahead of the budget announcement, fell into the red after the speech. The Nifty Midcap Index has also been trading with a negative bias since the morning, closed 0.6% below on Thursday. Most sectors which have been in the overbought range has been profit-booking, say experts. “Nobody was expecting any major announcement in this Budget and hence we saw a range-bound trend with a negative bias. Global markets too were subdued and hence select profit-taking was seen in telecom and realty stocks,” said <keyword id="20226500" type="General" weightage="20" keywordseo="prashanth-tapse" source="keywords">Prashanth Tapse</keyword>, senior VP of research at Mehta Equities. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[ ]]></cdata></div>

Nifty, Sensex remain unenthused by Interim Budget 2024 as bonds rally

<ul><li>Public market debuts of companies and their stellar listing gains became a <keyword id="6383453" type="General" weightage="20" keywordseo="wealth" source="Orion">wealth</keyword> creator in 2023. </li><li>Eight entrepreneurs whose stocks listed in the last one year entered the Hurun India <keyword id="470320" type="General" weightage="20" keywordseo="rich-list" source="Orion">Rich list</keyword>. </li><li>Some <keyword id="35156" type="General" weightage="20" keywordseo="ipos" source="Orion">IPOs</keyword> that stumbled last year like Zomato and PB Fintech also made a comeback. </li></ul>The IPO market has been shining for the last one year with stellar debuts and listing gains. That created wealth for its investors and the entrepreneurs alike. Many of whom entered the 360 ONE Wealth Hurun India Rich List 2023. The rich list launched by Hurun in partnership with 360 ONE wealth has some insights into how successful IPOs propelled some names into the Hurun India Rich List. Ramesh Kunhikannan secured a spot in the 360 ONE Wealth Hurun India Rich List 2023 with ₹8,200 crore in wealth, thanks to Kaynes Technology's strong <keyword id="6357440" type="General" weightage="20" keywordseo="stock-market" source="Orion">stock market</keyword> debut. The Mysore-based company rose by 32.5%, on the back of integrated electronics manufacturing and Electronics System Design and Manufacturing (ESDM), including IoT solutions. At the age of 83, Jagdish Prasad Chowdhary entered the list with ₹4,800 crore in wealth, courtesy the successful IPO of Titagarh Wagons, a leading private sector wagon manufacturer in India. At 49, Ranjit Pendurthi made his debut with ₹4,700 crore in wealth, driven by the oversubscribed 32-times IPO of Archean Chemical Industries, a specialty chemicals manufacturer. Ajay P Thakker &amp; family made their debut with ₹3,000 crore in wealth, backed by the stock market debut of Jupiter Life Line Hospitals, a multi-specialty hospital chain. Electronics Mart India had a strong debut with a 52% premium, fueled by a 72-fold subscription rate for its public issue. As a result, the promoters, Pavan Kumar Bajaj and Karan Bajaj, secured spots on the 360 ONE Wealth Hurun India Rich List 2023 with individual net worths of ₹2,400 crore and ₹2,300 crore, respectively. Harsha Engineers International's impressive IPO led to the debut of Harish Rangwala and Rajendra Shantilal Shah in the Hurun rich list, both accumulating ₹1,700 crore in individual wealth. The stock market in general has been rewarding in the last one year. The cumulative wealth of 1,319 individuals in the list increased by 8.5%. “The BSE Capital index achieved an all-time high, with a remarkable 40% return during the review year. This surge was primarily driven by heightened government spending on infrastructure projects, propelling the industrial products sector to outperform,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. “The industrial products sector emerged as the top performer, welcoming 33 new entrepreneurs and witnessing a staggering 87% increase in cumulative wealth compared to the previous year,” he added. While the Junejas of Mankind Pharma were already in the list last year, its stellar public debut also pushed up their wealth considerably. Two sets of promoters of the company Ramesh Juneja &amp; family and Rajeev Juneja and family saw their wealth swell 107% each in the last year. <cmsannotation type="cmsannotation" annotationid="IPOs make a comeback" comment="Subhead" text="IPOs make a comeback">IPOs make a comeback</cmsannotation> According to the report, <keyword id="138263" type="General" weightage="20" keywordseo="startup" source="Orion">startup</keyword> founders on the list experienced a collective wealth dip of ₹85,000 crore. “However, amidst these challenges, there is optimism as some IPOs that stumbled last year are making a comeback. Notably, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%, suggesting that startup wealth creation will persist, albeit within a changing landscape,” says the report. Apart from four companies, every IPO listed in this financial year has resulted in <a href="https://www.businessinsider.in/stock-market/news/ipo-gold-rush-all-but-4-ipos-in-fy24-gave-positive-returns-on-listing/articleshow/104174040.cms">positive listing gains</a>. Out of the 29 IPOs, only seven have produced single-digit listing gains, while the majority have delivered double-digit listing gains.

The IPO road to wealth: Successful IPOs propel entrepreneurs into the rich list

<ul><li>Benchmark indices slipped into red from green right after the Budget speech.</li><li>The <keyword id="6355261" type="General" weightage="20" keywordseo="finance-minister" source="Orion">finance minister</keyword> increased FY25 capex outlay by 11.1%.</li><li>Rail stocks which have been buoyant in the morning trade, slipped into the red. </li></ul>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> increased the capex outlay for FY25 by 11.1% to ₹11.11 lakh crore in her interim budget speech on Thursday. The benchmark indices opened in the green in the morning, and have been volatile ever since the speech concluded. As of 12:30 pm, indices were flat with <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> down by 43 points, and <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> down by over 13 points. Railway stocks like Jupiter Wagons, IRCON, IRFC which have been trading higher in the morning also slipped into red right after the speech. PayTM stock fell by 19.9% after the RBI barred it from accepting deposits on Wednesday. Nifty Bank too has been volatile, Nifty Midcap has been down by 1.3% since the markets opened. Maruti Suzuki, Power Grid, Cipla, M&amp;M and TCS are top gainers on Nifty, while Dr Reddy, ONGC, Ultratech Cement, L&amp;T and Grasim were the top losers. US benchmark indices closed in the red on Wednesday, after the Fed issued a slightly hawkish guidance on interest-rate cuts at its latest policy meeting. Tech heavy Nasdaq tumbled by over 2% after disappointing earnings from Google parent, Alphabet. Indian stock markets have been waxing and waning at regular intervals for the last eight sessions, ahead of the budget. Experts say that markets are unable to find a direction ahead of the ‘vote-on-account’ budget. Experts believe that the impact of the Union Budget on the equity market has reduced notably over the past few years. All the same they hope for a few announcements. “Even though the interim Budget is expected to be largely a vote on account with ‘no sensational announcements’ the PM’s statement yesterday that it will be a ‘blueprint of intent’ has aroused expectations that there will be some significant indications of what is likely to come in the full Budget and beyond,” Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Hopes for a capex push Investors were hoping that the government will provide impetus to key policy reforms such as Atmanirbhar Bharat, Make in India, and the PLI scheme in FY25. After capex expanded by 35% last year, most expected a 10-12% rise in capex this year. Its focus is likely to continue to be on infrastructure like roads, water, metro, railways, defense, digital infrastructure, and green technologies. “We expect key policy reforms, such as Atmanirbhar Bharat, Make in India, and the PLI scheme, to continue and receive further impetus in FY 25. There may be an increased emphasis on power, utilities, and renewables. Railways, infrastructure, and capital goods companies are poised to remain in the spotlight with higher capex spending,” says Pranav Haridasan, MD and CEO, Axis Securities. Driving the rural economy The government was also expected to give the rural economy a much needed push as it’s not fully recovered from the pandemic. Particularly because buoyant tax collections have kept India’s fiscal situation of FY24 in a good stead. “We expect the government to stick to its path of fiscal consolidation, without compromising on quality of expenditure. In the wake of weaker monsoon and pressure seen in Rabi sowing season, focus will be on providing support to rural growth. Important schemes such as PM-KISAN, MGNAREGA, Housing for all, free food grains, will continue to hold significant importance,” said Sonal Badhan, economist at Bank of Baroda. If the rural economy gets a boost, it will be a positive for FMCG majors like HUL, Marico, Dabur whose volume growth has been sluggish for the last few quarters. It will also aid Hero Motocorp, M&amp;M, Bajaj and other auto players. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[1) 2) ]]></cdata></div>

Interim Budget: Sensex, Nifty trade flat as FM’s speech concludes

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹808,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹474,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹278,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹228,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niraj Bajaj &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

<ul class="summary-list"><li>In the month since the James Webb Space Telescope released its first images, it's captured brand-new views of the cosmos.</li><li>The $10-billion space telescope <a href="https://www.businessinsider.com/nasa-launches-james-webb-space-telescope-2021-12">launched in December 2021</a> and arrived at its destination beyond the moon's orbit in January.</li></ul>The <a href="https://www.businessinsider.com/nasa-james-webb-hidden-details-infrared-galaxies-2022-7">James Webb Space Telescope</a> only been fully operational for a month, but in that time, it's allowed astronomers to peer father into the universe than ever before and changed how we see the cosmos. Often described as the successor to <a href="https://www.businessinsider.com/nasa-hubble-space-telescope-offline-mystery-glitch-2021-11">the Hubble Space Telescope</a>, Webb <a href="https://www.businessinsider.com/nasa-launches-james-webb-space-telescope-2021-12">launched</a> on December 25, 2021, after more than two decades of development. Since that time, <a href="https://www.businessinsider.com/nasa-spent-billions-launching-james-webb-space-telescope-2022-3">the $10 billion telescope</a> has traveled more than 1 million miles from Earth and is now stationed in a gravitationally stable orbit, collecting infrared light. By gathering infrared light, which is invisible to the human eye, Webb is able to cut through cosmic dust and see far into the past, to the first 400 million years after the Big Bang.Since the telescope released its first batch of images in July, it's been flooding researchers with observations of distant cosmic objects. For astronomers, these pictures are just the beginning.Behold some of the most stunning images shared in the telescope's first month of observations. <h1>Deep infrared images</h1>The first peek at what Webb could capture was a "deep field" image — a long-exposure observation of a region of the sky, which allows the telescope to capture the light of extremely faint, distant objects. If you held a grain of sand at arm's length, that would represent the speck of universe you see in this image, Bill Nelson, NASA's administrator, told President Joe Biden in a White House briefing on July 11. Because it takes time for light to travel, some of the light in the new image is more than 13 billion years old. That's less than 1 billion years after the Big Bang.For this deep field image, Webb pointed its powerful infrared camera to SMACS 0723, a massive group of galaxy clusters that act as a magnifying glass for the objects behind them. The streaks of light are galaxies stretched out by the powerful gravitational pull of SMACS 0723, a phenomenon known as gravitational lensing.The image took less than a day to capture, according to <a href="https://twitter.com/NASAWebb/status/1546621080298835970">NASA</a>. <h1>Observations of most distant galaxies</h1>One of the new telescope's main goals is to find galaxies so distant that their light travels almost the entire history of the universe to reach Webb. <a href="https://webb.nasa.gov/content/science/firstLight.html#:~:text=Webb%20will%20be%20a%20powerful,darkness%20of%20the%20early%20universe.">NASA says</a> Webb is able to peer farther than other telescopes, like Hubble, and discover galaxies as far back as the first few hundred million years after the Big Bang.Already, astronomers have spotted what appears to be among the most distant galaxies we've ever laid eyes on.<div type="image" title="Color image of CEERS-93316, a galaxy researchers believe emerged only 235 million years after the Big Bang." height="415" width="553" msid="93539665" hostid="261" sizebytes="2218"></div>In a study published to the <a href="https://arxiv.org/abs/2207.12356">pre-print service Arxiv</a> on July 25, researchers observed a galaxy — named CEERS-93316 — which they believe emerged 235 million years after the Big Bang, making it the oldest galaxy ever observed. Also in July, astronomers discovered another distant spinning collection of stars, gas, and dust bound together by gravity. The galaxy, known as GLASS-z13, is 13.5 billion years old, dating to 300 million years after the Big Bang.<div type="image" title="Webb spotted GLASS-z13, a galaxy that dates back to just 300 million years after the big bang." height="476" width="713" msid="93539667" hostid="261" sizebytes="3068"></div>To confirm both galaxies' ages, researchers will need to do follow-up spectroscopic observations.<h1>Dramatic cosmic collisions</h1>In August, the Webb telescope captured a snapshot of the <a href="https://www.businessinsider.com/james-webb-space-telescope-stunning-new-image-cartwheel-galaxy-2022-8">Cartwheel Galaxy</a> in greater detail than ever before.Located 500 million light-years away in the Sculptor constellation, the Cartwheel Galaxy is a rare ring galaxy that formed following a collision between a large spiral galaxy and a smaller one, giving it the appearance of a wagon wheel. It has two rings — a bright inner ring and a colorful outer one that ripples outward from the middle of the collision. The outer ring has been expanding from the center of the collision for around 440 million years. When it expands and hits surrounding gas, stars form.<div type="image" title="The James Webb Space Telescope captured a snapshot of the Cartwheel Galaxy, which is around 500 million light years from Earth." height="1840" width="2000" msid="93539670" hostid="261" sizebytes="193508"></div>In the photo above, pockets of star formation appear as blue dots in the red swirls of dust. To the left of the Cartwheel Galaxy, Webb captured two other galaxies in the above image. The Cartwheel Galaxy was "presumably a normal galaxy like the Milky Way before its collision" and will continue to change in shape and structure in the future, <a href="https://www.nasa.gov/feature/goddard/2022/webb-captures-stellar-gymnastics-in-the-cartwheel-galaxy">NASA</a> said in a press release on August 2.The new image reveals details about star formation and the black hole at the center of the galaxy, and sheds light on how the galaxy has evolved over billions of years, the space agency said.<h1>Our own solar neighborhood</h1><div type="image" title="jupiter in white and orange infrared with dark moon europa surrounded by yellow light" height="2519" width="2500" msid="93539672" hostid="261" sizebytes="57006"></div>Though the space telescope's infrared gaze allows astronomers to observe across astonishingly cosmic distances, it can image closer, more familiar objects, too. In July, NASA released a series of new Webb images <a href="https://www.businessinsider.com/nasa-webb-space-telescope-images-jupiter-with-rings-moons-2022-7">showing Jupiter</a> in stunning detail.Alongside the gas giant are its moons Europa, Thebe, and Metis. Scientists think Europa has a saltwater ocean, deep below its thick ice crust, which could harbor alien life.<div type="image" title="side by side images show jupiter in two types of infrared light with large moon europa and thin planetary rings" height="1000" width="2000" msid="93539674" hostid="261" sizebytes="88442"></div><h1>Studying other worlds</h1>Astronomers also hope that Webb telescope will reveal whether distant worlds harbor atmospheres that <a href="https://www.businessinsider.com/james-webb-hunt-for-distant-worlds-some-may-harbor-life-2022-7">might support life.</a>"With the James Webb Space Telescope, we can explore the chemical makeup of the atmosphere of other worlds — and if there are signs in it that we can only explain by life," Lisa Kaltenegger, professor of astronomy at Cornell University and director of the Carl Sagan Institute, previously told <a href="https://www.businessinsider.com/james-webb-hunt-for-distant-worlds-some-may-harbor-life-2022-7">Insider</a>.<div type="image" title="Webb observed the spectra of WASP-96 b, revealing it's atmosphere has water, clouds, and haze." height="1292" width="1920" msid="93539676" hostid="261" sizebytes="65606"></div>There are <a href="https://www.stsci.edu/jwst/science-execution/approved-programs/cycle-1-go">70 planets</a> scheduled for study in Webb's first year. As part of its first batch of observations, Webb captured the signature of water, along with previously undetected evidence of clouds and haze, in the atmosphere of <a href="https://www.businessinsider.com/nasa-james-webb-space-telescope-detects-water-on-distant-planet-2022-7">WASP-96 b</a> — a giant and hot gas planet that orbits a distant star like our sun."It is an amazing time in our exploration of the cosmos," Kaltenegger said, adding, "Are we alone? This amazing space telescope is the first-ever tool that collects enough light for us to start figuring this fundamental question out."

In a single month, the James Webb Space Telescope has seen the oldest galaxies, messy cosmic collisions, and a hot gas planet's atmosphere

<div class="KonaFilter image-container"><div class="image on-image"></div></div>The sleepy fishing villages of Portugal's Herdade da Comporta have always been where the fashionable European crowd goes off the grid. Now that new hotels and rental villas are emerging among the dunes, <a href="http://www.cntraveler.com/contributors/maura-egan?mbid=synd_bi">Maura Egan</a> finds that this hush-hush coastal retreat has become more open to visitors-without losing its under-the-radar cool.
For most drivers, the ride from Lisbon to the seaside village of Comporta clocks in at just over an hour, but Isabel de Carvalho can do it in about 45 minutes. "My father raced cars," explains the restaurateur as she expertly pilots her Peugeot station wagon down the highway and chats on her phone-to staffers, to dinner guests in from Seville, and to her husband and partner, Toze´, who is driving right behind us, transporting food and supplies from the city. We are late to arrive at the Museu do Arroz, the restaurant she opened 18 years ago and which is now the center of Comporta's nightlife, and it is obvious that the party doesn't start without De Carvalho.
Housed in a former rice-husking mill, the Museu do Arroz feels like an extension of De Carvalho's home: The lounge area is filled with overstuffed velvet couches, a disco ball hangs from the rafters, and there's a colorful Indian welcome banner above the bar. (Originally from Portugal, De Carvalho started out as a programmer for Texas Instruments and IBM in Europe before moving to Brazil and becoming an interior designer.) It's 10 p.m. and the start of the summer season, so De Carvalho shifts into hostess mode, navigating through the rooms, offering up kisses and menu recommendations (the salt cod fritters are excellent), and signaling waiters to refill water glasses. Toze´ works the other side of the room. "We never get a vacation," he says with a fake exasperated sigh, but you can tell that they both love the work. In the far corner, I see a table of people I'd met when I came to Comporta four years ago. They casually wave as if I'm here every Friday night. "Nothing really changes in here," says Joa~o De Vasconcellos, a businessman who also happens to make wine and breed sport horses. (Comporta is packed with multi-hyphenate hobbyists.) "Nothing has really changed in Portugal in 900 years!"
During my last visit, the local chatter was all about the Aman resort coming to the Herdade da Comporta-the official name of the swath of coastland in the south of Portugal that comprises seven small villages-but it sounded far-fetched. The area is a protected nature reserve in the country's rural Alentejo region, and it seemed a most unlikely place for a luxury resort. I was mistaken: Come next summer, Aman will indeed open a hotel with 40 suites. The imminent arrival of the Asia-based luxury resort chain has led to the development of more hotels. But the official mandate is to keep them all low-impact and architecturally sensitive. "No one wants this to become the Algarve," says Mandy de Azevedo Coutinho, a villa rental operator, referring to the stretch of coast farther to the south that has long been a package-holiday destination. While much of Europe's beachfront has succumbed to developmental sprawl, Comporta has remained untouched. "People come here because it reminds them of St-Tropez in the '70s," says De Azevedo Coutinho-or Ibiza in the '80s, or the Hamptons in the '90s. "My husband grew up in Angola," says De Carvalho. "And the first time he came here, he told me it reminded him of Africa."
<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Some say De Carvalho put Comporta on the map when she arrived in 1992, but really, you have to look further back. The Espi´rito Santo family-one of Portugal's, if not the world's, biggest banking dynasties-began visiting this rural backwater in the 1950s and bought a plot of land about one and a half times the size of Lisbon. The family fell in love with the untrammeled landscape-the miles of empty beaches, the dense forests of umbrella pines and gnarled cork trees, the endless patchwork of rice fields-and transformed it into their private playground. Clutches of fishermen's thatched huts were turned into unassuming compounds, with sandy paths leading from one family member's home to the next. Comporta became their summer retreat, not unlike the way parts of Maine and the Adirondacks were colonized by a handful of patrician American families.
In 1974, after the "Carnation Revolution," which overthrew Portugal's authoritarian Estado Novo regime, all of the country's banks were nationalized and the Espi´rito Santo group lost much of its fortune. Having been banned from doing business in Portugal, different factions of the family moved abroad to rebuild their empire. In 1991, when they returned to develop Comporta, the land was overgrown, the houses were derelict, and abandoned cars were strewn about. After they restored the area and installed a true infrastructure (roadways, electricity), they decided to diversify their interests by investing in agriculture-namely wine and rice-and quietly parceling out land to individuals beyond the family and board members.
This first wave of friends and foreigners brought the likes of decorator Jacques Grange, shoe designer Christian Louboutin, and artist Anselm Kiefer, who built elegant hideaways in the same humble style as the Espi´rito Santo originals. While Grange is known for his opulent designs for clients like Franc¸ois Pinault and Ronald Lauder, he kept his Comporta property spare, outfitting his cabanas with Moroccan rugs and rattan furniture. The region's more modern properties-many of them summer rentals-have a casual boho vibe, with little furniture and plenty of outdoor areas for taking in the landscape.
RELATED: <a href="http://www.cntraveler.com/readers-choice-awards/europe/best-cities-europe?mbid=synd_bi">The 10 Best Cities in Europe</a> 
"Princess Caroline comes here every summer because her parents were friends with the family-not that you would notice her in flip-flops and caftan," says De Azevedo Coutinho. The French aristocrat and garden designer Louis Benech supposedly does away with shoes altogether and walks around town barefoot. Comporta is where the fashionable crowd goes off the grid, and they don't necessarily want to talk about it-particularly after a Portuguese magazine quoted someone as saying, "Comporta is where rich people go to play at being poor."
<div class="KonaFilter image-container float_left"><div class="image"></div></div>While you can't deny the socioeconomic divide between the locals (there are 3,500 full-time residents) and the summer crowds, no one seems to be treating this place as their private Petit Trianon. Perhaps because Comporta is in the Alentejo-the breadbasket of a country that is stillseen as the poor man of Europe-there's a certain strain of humility among even the wealthiest people here. "The early family members were always close with the locals. Like the fishermen and the farmers, they saw themselves as self-made and self-reliant," says Stefan Harzen, an environmental researcher who first came here from his native Germany in the '80s to study dolphins at the Sado estuary. This summer he's shuttling between here and Jupiter, Florida.
Then there's Jose´ Ribeira, who gave up his real estate career in Lisbon to live here full-time and lead horse rides on the beach. "I came because the economy was in bad shape and I was getting a divorce," explains Ribeira, who maintains 20 or so polo ponies at his handsome stables perched above the rice fields. In his rugged leather vest and dusty jeans, he handles his horses like a master but is quietly dismissive of his riding skills, vaguely telling me he "grew up on a farm." I later learn that Ribeira comes from a prosperous Portuguese family.
"We call him Jose´ of Ribeira," jokes Gonc¸alo Pessoa, a pilot for TAP Portugal who opened the hotel Sublime Comporta in May. Surrounded by piney forests, the peach-colored property is discreet but state-of-the-art: The 14 rooms and suites are equipped with oversized tubs and heated concrete floors, with fireplaces in some rooms; the grounds include a massive fire pit, an organic garden, and an infinity pool. Pessoa, who bought his land here ten years ago, gives me a casual primer on the area's social strata: The smartest family members are tucked away in the village of Brejos; Comporta Beach is the destination for day-trippers from Lisbon; Pego Beach is more exclusive; and Restaurante Sal, known simply as Sal's, is the unofficial clubhouse. Still, the Portuguese have an open-door policy when it comes to visitors. Despite the small-town feel, you don't sense any insularity or exclusivity. "We're often compared to the Irish," says businessman and horse breeder De Vasconcellos.
One afternoon, I receive a text from Isabel de Carvalho: "I have a friend who came by helicopter to Sal's and I'm joining him for lunch. You should come!" On my way to Sal's, I drive through the village of Carvalhal, where old men sit in plastic chairs at an outdoor cafe´, drinking espresso, as they've probably done every afternoon for decades, and then through a suburban-style neighborhood of anonymous white stucco houses (built by the government during the family's absence in the '70s), where a woman is collecting snails at the side of the road.
<div class="KonaFilter image-container"><div class="image on-image"></div></div>Lunch starts late in Comporta, around 4 p.m., so by the time I arrive, De Carvalho has left to oversee the evening's dinner shift at her restaurant. Still, there are plenty of families on the deck, lingering over their grilled fish, squid ink rice, and half-empty bottles of local rose´. For most of these multi-generational families, dining at Sal's is a weekend ritual. They dress in their Sunday beach best: polo shirts and Top-Siders for the men, flowing caftans and straw hats for the women. One grandfather is slumped over on a beach chair, the newspaper shielding his head, while his grandson plays in the sand on the nearby dunes.
On weekends, during the siesta between lunch and cocktail hour, the main intersection of Comporta village becomes clogged with BMWs, Range Rovers, and the occasional dune buggy. You might see a group of older ladies sitting on a stone wall, eating ice-cream cones, while others are stocking up on goods at the tiny supermercado-Porto wine, canned sardines, straw baskets. There are a handful of different lifestyle boutiques in town where you can pick up Moroccan pottery and Jack Rogers sandals, including De Carvalho's shop, A Loja do Museu do Arroz. In addition to caftans and printed bikinis, manager Marcello Rangoni has amassed an eclectic mix of antique garden furniture and retro light fixtures. "You wouldn't believe who comes in these days," Rangoni tells me during a cigarette break in the courtyard. "Last summer, Isabelle Adjani came, and the guy from the Rolling Stones... Ron Wood." He sounds more amused than starstruck.
The British artist Jason Martin came to Comporta after seeing a TV show about the region. "It felt like the last frontier," says Martin, who spends about ten days of the month at his atelier in an old rice factory next to De Carvalho's restaurant. "It's not that different from finding a place with cheap rent in one of London's industrial sections, but here it's rural." Martin says that the surrounding landscape has informed his painting and sculpture, and that his two young sons love spending their holidays at the beach, but he also feels the need to be part of this community. To that end, he's working on a project in Melides, a village 18 miles south of Comporta, that will include a farm, a vineyard, and a sculpture park. "You have to bring employment to the community, make the best use of the land," he says. "I spend so much time traveling on the art circuit that this feels like a very genuine life. And as long as this place doesn't get screwed up like the Algarve, it's Europe's hidden treasure."
<h3>More From Condé Nast Traveler: </h3>
<a href="http://www.cntraveler.com/daily-traveler/2014/08/the-12-best-apps-for-international-travelers?mbid=synd_bi">The Best Apps for International Travelers</a> 
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